What’s the 2024 Cost of Living for Austin, TX, USA?
If you are living in the Austin, TX, area, how much do you need to make to pay for basic necessities? According to the US Bureau of Labor Statistics, Consumer Expenditure Survey for 2022, the total across all households is $65,576 per year. This is 10% lower than the national average.
If you want more information such as a monthly cost breakdown and employer recommendations for pay structures in Austin, TX, then join our FREE Pay Equity Collective to access the full report. This is a small example of the work I provide to clients when looking at employee pay structures.
Housing
“The housing market in Austin, TX is considered to be above the national average. The median value for a house in Austin, TX is $577,400 which is considerably higher than the US median house value of $338,100. Renting a two-bedroom unit in Austin costs $1,720 per month, which is 20% higher than the national average.” (Best Places)
Transportation
“Austin can be a challenging place to be a commuter. In 2020, Austin-area commuters spent about 41 hours sitting in traffic, which was the seventh highest figure in the nation, according to a study from the Texas A&M Transportation Institute.
Census Bureau data shows Austin residents spend about 25 minutes commuting to work. About 70 percent of commuters are driving alone — only a small fraction of Austin residents opt to carpool. The average cost of gas for Austin drivers is about $4.20 per gallon.
Though it is used by only a small share of residents — just 3 percent — Austin does offer a network of public transportation operated by Capital Metro. The city is served by a network of bus routes, a MetroRapid Route and MetroRail. There are also bike share programs operated by Austin B-Cycle.” (Bankrate)
Food
“Austin offers countless dining options, from hip gastropubs to family-friendly spots and upscale restaurants. Eating out in Austin will cost an average of $21 for a meal at an inexpensive restaurant. A three-course dinner for two people at a mid-range restaurant will run $100 without alcohol or dessert.
If you're a single adult without children, you can expect to pay at least $3,926 on food per year. If you're a family of four with two working adults and two children, you can expect to pay $11,564 per year for food.
You can anticipate around the national average or slightly below for food items regarding grocery market pricing. For example, one gallon of regular milk will run you $4.05 in the grocery store, with the national average being $3.83.” (Apartments)
Child Care
“As of September 2024, the average starting rate for child care providers in Austin, TX is $20.93 per hour. The weekly cost for child care providers working a 40-hour week in Austin, TX is $837 while the monthly cost is approximately $2,721 for 130 hours of work.” (Care)
“Access to affordable, high-quality child care and after-school care often proves to be one of the biggest obstacles to making that dream a reality. Travis County faces the highest childcare costs in the entire state of Texas. The average cost of childcare exceeds $13,000 per child, per year – that’s more than the cost of in-state tuition at the University of Texas.” (Austin-American Statesman)
Interesting Tidbit
“The Lone Star State is attractive to many retirees due to its low cost of living, tax-friendly policies, and range of outdoor activities.” (Austin-American Statesman) Austin ranked 24 out of 100 top US cities for retirees, yet the average age is 34.2 years old. (Austin Demographic Data Hub)